MGO at $1,482.50 in Rotterdam is the cheapest distillate on the board; the same grade at Augusta is $1,906.25 — a $423.75 spread that a 1,200-tonne stem prices at $508,500, more than a mid-size hull's daily running cost can claw back in a day.

Rotterdam MGO at $1,482.50 (down $30) sits below Houston at $1,481 (down $16.50) and New York at $1,648 (down $23.50). The widest MGO spread on the board is Augusta $1,906.25 minus Rotterdam $1,482.50 = $423.75/mt. On a 1,200-tonne stem that is $508,500 of headline difference. Against a mid-size hull at $15,000/day hire, one day of deviation costs $15,000 plus the fuel burned getting there — the spread survives that arithmetic only if the deviation is short. VLSFO tells the same story: Rotterdam $710 (down $6.50) against Valparaiso $1,292.50 (up $109.75) is a $582.50 spread, $699,000 on 1,200 tonnes. HSFO is the outlier: Rotterdam $600.50 (down $16) against Zhoushan $6,044 is a $5,443.50 gap, but Zhoushan HSFO at that level is not a comparable stem — treat it as a data point, not a trade. Baltic VLSFO quotes at Tallinn, Muuga, Ventspils, Liepaja, Riga and Klaipeda all print $573–$623, the lowest VLSFO on the board, with MGO there at $1,896–$1,899.75. EUA at €86.89/tonne. Brent $101.38, WTI $93.78. Attention this week is on Hormuz flows and the Yanbu pipeline attack; Panama bunker sales fell in August.